EntrepreneurshipUsingPhysics

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Scientist & Entrepreneur:Lab to Business Basics

JeffBargielFounder/CEOofEntoBio

Scientist/Entrepreneur

Justdothis,butforcommercialization.Pieceofcake,right?

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Bothusethescientificmethodtogainknowledgeandresolveuncertainty.

Ideation

Problem+

Solution

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Ideation

Brainstorming

ThoughtExperiments

WhatIf… MindmappingThinkINSIDEtheBox

ExtremeIt

ChallengeAssumptions

OpportunityRedefinition

Wishing

BiomimicryMind&MineComplaints

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BreakFixedness,BeMindful&MakeConnections

Evaluation

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Evaluation

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Evaluation

Canwedoit?

Shouldwedoit?

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EvaluationHypothesizeà Testà Adjustà Repeat

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Talk…to…customers.Do it now. Do it often.

Or the market will kill you later.

Evaluation

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BusinessPlanValuePropositionCanvasBusinessModelCanvas

BASEBoardLeanCanvas

EvaluationValueProposition– Apromiseofvaluetobedelivered.– Thereasonacustomerbuys.Benefits,notfeatures!– Aclear statementthat:• Isrelevant (explainshowyourproductsolvescustomers’problemsor improvestheirsituation),• Isquantified (deliversspecificbenefits),• Conveysyouruniquedifferentiator(tellstheidealcustomerwhytheyshouldbuyfromyouandnotfromthecompetition).

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Va

lue

Prop

ositi

on

Ca

nva

sValue Map Customer Profile

TechnologyPush MarketPull

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Busin

ess M

odel

Ca

nva

s

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Busin

ess A

pp

roa

ch &

St

ruct

ure

Elem

ents

(B

ASE

) Boa

rd

Evaluation

Seriously,talktocustomers.

And,stakeholders,decisionmakers,purchasers,executives,users,etc.

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Evaluation

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(Abitmoreadvice.)

Pleasure Pain<

Evaluation

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(Abitmoreadvice.)

BigProblem,BigMarketButcanyoustart(selling)smallandfast?

WaveTheoryofStartupsbyGuyTurneratHydeParkVentures.Zero-to-OnebyPeterThiel

Evaluation

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MinimumViableProductMinimumproductthatdeliverscustomervalue.Provethemarket,thenimprovetheproduct.

(Abitmoreadvice.)

X

X

ü

CustomerYou

Funding• Yourself• SBIR/STTR• FFF:Friends,Family(andFools)• PitchCompetitions• Local,County,State• Angels&VCs(VentureCapitalists)• YourCustomers

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Pitching is Selling

Becompelling.Thetechprobablydoesn’tmatter.

Commonlanguage.PRACTICE,PRACTICE,PRACTICE.

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20Seconds

Making Progress

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Valuation

Uncertainty

MajorMilestonesTimeà

Prioritize Inflection

PointsAnd,“salescuresall.”

Pitfalls/Advice• StartupsareNOTsmallversionsofbigcompanies.• Productsarenotbusinesses.• Solutionisnotatleast10Xbetter.• Besmartaboutprotection.Mostpeoplearetoobusytocareaboutstealingyouridea.Butdon’tdisclosepublically.Getapatentattorneytowrite.

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Pitfalls/Advice• Startingtoolate.Waitinguntilitisperfect.• Donotlettheperfectbetheenemyofthegood.

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Pitfalls/Advice• Behumblebutdecisive.• Becoachable.• Findmentors.• Don’taskforcrazyvaluations.

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Where I Struggle(d)• AnalysisParalysis• Clear,concrete,down-to-earthcommunication

• Oooh,shiny!• Coldcallinganxiety• Ignoringtheunimportant

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ResourcesAPSPIPELINEUndergradPhysicsEntrepreneurship

www.aps.org/programs/education/innovationScienceandTechnologyEntrepreneurshipProgram(STEP)

atCaseWesternReserveUniversity,MSPhysicsEntrepreneurship

InsidetheBoxbyDrewBoydandJacobGoldenbergFinancialIntelligenceforEntrepreneursbyKarenBerman

andJoeKnightScrappyProjectManagementbyKimberlyWieflingBusinessModelCanvas(Udacity Course)bySteveBlankWritingaCompellingExecutiveSummary(BlogPost)by

GarageTechnologyVenturesPerfectingYourPitch(BlogPost)byGarageTechnology

Ventures26Don’t Fool Yourself

Zero-to-OnebyPeterThielEverybodyWritesbyAnnHandleyTheLeanStartupbyEricRiesArtoftheStartbyGuyKawasakiPitchAnythingbyOrenKlaffGritbyAngelaDuckworthStartwithWhy(TEDTalk)bySimonSinekTheFourHourWorkWeekbyTimFerrisTheWaveTheoryofStartups(BlogPost)by

GuyTurnerHowtoMeasureAnythingbyDouglas

Hubbard